Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What is wrong with my answer below? Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in
What is wrong with my answer below?
Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. KARRENTON LIBRARY DISTRICT Governmental Funds Balance sheet As of December 31, 2017 General Fund Special Revenue Fund Total $ 126,699 6,150 $ 12,500 $ 138,500 6,150 96,500 7,700 29,209 96,589 7,709 248,859 228,659 $ $ Assets Cash and cash equivalents Inventories Receivables (net) Taxes receivable Due from general fund Total assets Liabilities Accounts payable Due to special revenue fund Total liabilities Fund balance Nonspendable (inventories) Restricted for other purposes Unassiened Total fund balance Total liabilities and fund balance 90,575 86,575 7.709 94,275 7,709 4,000 98,275 6,125 16,299 128, 259 134, 375 228,650 6,125 16,280 128, 250 159,575 248,850 16, 200 $ $ 20,20 $ Acelilonal Information: a. Capital assets inet of accumulated depreciation) amounted to $326,500 at year-end. b. The liability for long-term compensated absences is estimated to be $87,075 at year-end. c. Long-term notes payable amounted to $223,250 at year-end. Prepare a combined Governmental Funds Balance Sheet/Statement of Net Position. Amounts to be deducted should be Indicated by a minus sign. WARRENTON LIBRARY DISTRICT Governmental Funds Balance Sheet / Statement of Net Position Us of December 31, 2017 General Special Adjustments to Revenue Total Government- Fund Wide Statement of Net Position Fund $ $ 12,500 $ 120,000 6,150 138,500 6,150 6,150 Assets Cash and Cash Equivalents Inventories Receivables (Net) Taxes Receivable Due from General Fund Capital Assets Total Assets 96,500 96,500 96,500 7,700 7,700 7,700) 326,500 318,800 $ 228,650 $ 20,200 $ 248,850 $ $ 326,500 567,650 4,000 86,575 7,700 90,575 7.700 90,575 Liabilities Accounts Payable Due to Special Revenue Fund Long-Term Compensated Absences Notes Due in More than One Year Total Liabilities | (7.700) 87,075 223,250 302,625 87,075 223,250 400,900 94,275 4,000 98,275 6,125 16,200 Fund Balance Nonspendable: Inventories Reserved for Other Purposes Unassigned Total Fund Balance Total Liabilities and Fund Balance 128,250 134,375 6,125 16,200 128,250 150,575 $ 249,850 16,200 20,200 $ Net Position: Net Investment in Capital Assets Unrestricted Total Net Position 16,175 % 150,575 166,750 $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started